Assessable Income

Question 1

What is income under ordinary concepts?

Answer 1

1. Comes in
2. Periodically, reoccurring, Regularly
3. Quality in the hands of the recipient
   How and why was the receipt made

Question 2

What is a windfall Gain

Answer 2

Money or convertible to money
normally through luck
Voluntary

Question 3

Is a windfall gain income

Answer 3

No

Question 4

What is a capital receipt?

Answer 4

Money coming in that is not reoccurring or regular

Question 5

Is a capital Receipt income

Answer 5

No

Question 6

Capital amounts deemed income

Answer 6

Proceeds from the sale of land

Amounts from financial Arrangements

Question 7

Amounts deemed income without a receipt

Answer 7

Income from investors of PIE
Controlled foreign company income
Foreign investment fund income

Question 8

What is exempt income?

Answer 8

Jurours/witness fee
Reimbursements paid to employees
Some ACC amounts
The income of tax charities

Question 9

What is the exempt income of a charity?

Answer 9

Income from charitable purpose carried out in NZ

**Person cannot manage charity snf derive benefit from it

Question 10

What is excluded income?

Answer 10

Government Grants
Employeers Superannuation contribution
Income Equalisation Deposits
Frindge Benefits